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Dywilan swings to loss in Q1

Dywilan SpA said its normalized net income for the first quarter came to 19,100 zlotys, compared with income of 209,390 zlotys in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.8% from 7.2% in the year-earlier period.

Total revenue declined 13.3% on an annual basis to 2.5 million zlotys from 2.9 million zlotys, and total operating expenses fell from the prior-year period to 2.5 million zlotys from 2.6 million zlotys.

Reported net income totaled a loss of 30,570 zlotys, compared with income of 286,200 zlotys in the prior-year period.

As of April 30, US$1 was equivalent to 3.60 zlotys.